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What are tokenization platforms_ (1)

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What are tokenization platforms_ (1)

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  1. What are tokenization platforms?

  2. What is Tokenization? Tokenization is the process of replacing sensitive data with unique identification tokens that retain all essential information about the data without compromising its security. Tokenization, which seeks to minimize the amount of data a company needs to keep on hand, has become a popular way for small and medium-sized businesses to bolster the security of credit card and e-commerce transactions, while they minimize the cost and complexity of complying with industry standards and government regulations.

  3. How Tokenization Works? Tokenization replaces sensitive information with equivalent non-sensitive information. Non-sensitive replacement information is called a token. Tokens can be created in several ways: Using a mathematically reversible cryptographic function with a key. As a result, the token becomes the exposed information, and the sensitive information that the token represents is securely stored in a centralized server known as a token vault. The token vault is the only place where original information can be mapped to its corresponding token.

  4. Some tokenization's do not have a vault. Instead of storing sensitive information in a secure database, vaultless tokens are stored using an algorithm. If the token is reversible, the original sensitive information is generally not stored in a vault. Here is a real world example of how tokenization works with a token vault. A customer provides their payment details at a point-of-sale ( POS ) system or online payment form. The details, or data, are replaced by a randomly generated token, which in most cases is generated by the merchant's payment gateway. The original sensitive payment information is stored in a token vault at the merchant's payment gateway. This is the only place where a token can be assigned to the information it represents.

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